Posted by mtnotary on 7/30/08 7:27pm
Msg #257840

Lenders First Choice

Anyone know what the likelyhood of getting paid by Lenders First Choice for a job that was done in July.
I think I already unfortunately know the answer but was hoping for some positive news as July was a pretty bad month to begin with.

Reply by Lee/AR on 7/30/08 7:44pm
Msg #257845

Welllll.... I did one for EFS the day before they shut down 10 months ago. It did fund. All I presently have to show for it is a 2 inch thick pile of papers from the lawyers. I just wish they'd sent me whatever it cost to print & mail this stuff and I think I'd have more than I'm likely to get when all the dust settles. BUT, LFC, etc. hasn't declared bankruptcy--yet. Hope you weren't counting on that money.

Reply by 101livescan on 7/30/08 9:00pm
Msg #257855

I posted below about this before I saw your post re. paid by LFC. I am comfortable after speaking with Tony N. that Artreverse Transactions I have signed through Tony N's SS that I will be paid for my hard work.

Reply by BrendaTx on 7/30/08 10:31pm
Msg #257870

Re: Lenders First Choice - it will be interesting to hear

how many rubber checks Tony received...if any...or how many he's out.

A signing service is not only out the amount they "expected" to take in but the amount agreed to pay the notary. We (notaries) take a job and don't get paid...that's rough...but to take a job and not get paid and still to have to pay your vendors is murder.

Imagine if for every file you handled you had to write a check for $100. Ouch.

For every 100 files a SS did recently for LFC's group they need around $10,000 on hand to pay notaries $100 each while losing $5000 in "expected" income. Just using round numbers here and figuring 100 files @ their price of $150 each...paying the notary $100 and pocketing $50.

Reply by UKCowboy_CA on 7/30/08 10:46pm
Msg #257874

Re: Lenders First Choice - it will be interesting to hear

"A signing service is not only out the amount they "expected" to take in but the amount agreed to pay the notary. We (notaries) take a job and don't get paid...that's rough...but to take a job and not get paid and still to have to pay your vendors is murder."

Yeah and what about the signing companies that get paid by the title companies and then won't pay the notary who did the work. You are probably crying for them too. How about imagining the SS paying the notary in a timely manner or is that beyond your concept.

Reply by BrendaTx on 7/30/08 10:50pm
Msg #257875

Cool off there Cowboy, it's an observation.

Not a pass.

Reply by Linda_H/FL on 7/30/08 10:52pm
Msg #257876

Hey Cowboy...better watch who you pick on

Brenda's the last person to aim your venom at....

Reply by UKCowboy_CA on 7/31/08 12:22pm
Msg #257967

Re: Hey Cowboy...better watch who you pick on

BRRR! You signing company shills really scare me!

Reply by BrendaTx on 7/31/08 1:19pm
Msg #257973

UK Cowboy?

What are you talking about? LOL.

Why in the world would you think that I am a signing company shill? That's hilarious.

I started a network in Texas in order to avoid signing companies. In fact, most signing service companies won't even call me or any of the network members because I have been so vocal about removing their position in line. I don't want to take a half fee. I want a whole fee.

You went off with your play-like cowboy gun half-cocked. I haven't worked for a signing service in three years that I can recall. You're obviously asleep on that imaginary stick-horsey.

Reply by UKCowboy_CA on 7/31/08 2:23pm
Msg #257979

Re: UK Cowboy?

I looked at your profile-What a crock!

Reply by BrendaTx on 7/31/08 2:37pm
Msg #257980

Re: UK Cowboy? Nice.

Date: Thursday, July 31, 2008
To: Recipient Hidden
From: Scotts Valley Notary - Vince

Subject: UK Cowboy?

You chose to get confrontational so why don't you go to hell.
Oh! College Station, you're all ready there. No wonder you are such a miserable person.

Reply by Les_CO on 7/30/08 11:37pm
Msg #257879

Re: Lenders First Choice - it will be interesting to hear

Most astute post. If you think some notaries get burned if a Title Company goes south, think about the legitimate SS's. In most cases they are ‘extending credit’ to the Title companies, in order to make to make their percentage, and many times this works out to around I5-20%.
So on a good week EOM the SS could be on the hook for between 12 to 20 thousand, to make maybe, if they are lucky, two to four thousand. In today’s market considering risk vs reward, it hardly seems worth the risk? And that is if they bill weekly, some Title Co’s want monthly billing (easier) I personally see a change coming to this signing business (No, not just there will be less of it!) I think (and always have, for compliance reasons) that we will see more notaries on the HUD. This won’t insure payment, but it gives a fighting chance. But I don’t think you can expect payment if there is a no-sign, or the borrower rescinds, or a no show, or a printing fee, or travel fees etc. In other words if the Lender, or Title does not get paid we notaries won’t either. I think because of the very risks mentioned above that SS are going to bill separately (say $25-$40 whatever they can get) for scheduling etc. and let Title pay the notary out of escrowed funds, as it should be. Yes, this will be more work for the Title Co, but to be absolutely legal they should be doing this now. But… I could be wrong, wouldn’t be the first time

Reply by Pat/IL on 7/31/08 2:55am
Msg #257893

Re: Not to bust your bubble Les

Last I remember, RESPA reform was moving away from full disclosure and towards a focus on the bottom line. HUD's aim is to protect the borrower, not the good vendors trying to make an honest living.

Reply by Les_CO on 7/30/08 10:22pm
Msg #257869

You may have a long wait. All this stuff about Mercury Co’s started when Alliance Title Shut down last year. They owed like 96 million, and had ½ million in assets. It’s also has to do with law suits between some of the Mercury companies and First American Corp. that and because some of the banks extending credit to some Mercury Co’s see low income/ high overhead/ scary times in the industry, pulled their credit forcing some of these regulated (Title) insurance companies to close because they did/do not meet regulatory standards. IF they all do take bankruptcy there will be a VERY long line.JMO

Reply by DianeCipa on 7/31/08 6:08am
Msg #257896

Re: Lenders First Choice and other Mercury companies

First American Title is owed $110mm by Mercury. They shut down access to cash and thus we have the shut down. First American is supposedly stepping in to take over and close whatever is in the pipeline. You may wish to contact FATCO about the status of invoices for those transactions.

I would expect bankruptcy since that's what Mercury did with Alliance in CA.

Reply by BrendaTx on 7/31/08 6:28am
Msg #257898

Re: Lenders First Choice and other Mercury companies

**You may wish to contact FATCO about the status of invoices for those transactions.**

Include as much information as possible about your invoices and do NOT send it email.

Pay about $10+ and send it Certified Mail, Return Receipt Requested with a signature verification.

A green receipt card is something that lawyers and courts understand. Most could care less about an email or fax.

Reply by Kathy/ID on 7/31/08 8:58am
Msg #257915

Re: Lenders First Choice and other Mercury companies

Which location of FATCO would you send this to? I have never had to deal with this before so please be patient with me.

Reply by BrendaTx on 7/31/08 1:24pm
Msg #257974

Likely none of the notaries reading this have, Kathy.

You'll have to maybe look at websites, get registered corporate agent information and send more than one copy in order to hit your mark.

Maybe do some google searches on things like:

>owed by money by LFC address to remit invoice<

But naturally, you'll need to spell things out when searching and use the title company who you are into for the money.

I don't know...maybe you need to research every smidgen of information you can think of or have access to.

Maybe makes some phone calls...ask questions of FATCO, et al.

Reply by jba/fl on 7/31/08 8:37am
Msg #257911

Re: Lenders First Choice and other Mercury companies

"I would expect bankruptcy..."

I think that will be today's news, latest, early next week. There is planning here; didn't retain/employ attornies for nothing. Pessimestic? no, Realistic

Reply by Pat on 7/31/08 10:13am
Msg #257927

Re: Lenders First Choice and other Mercury companies

Please tell me this does not include Lenders First Choice in Greenwood, CO.

Reply by Philip Johnson on 7/31/08 10:24am
Msg #257931

Okay it doesn't, BUT if a division has the same name

as the one that has gone under, I would think it too has met the same fate.

Reply by Les_CO on 7/31/08 10:40am
Msg #257938

Re: Lenders First Choice and other Mercury companies

Yes! They closed yesterday.

Reply by BrendaTx on 7/31/08 1:29pm
Msg #257976

Diane, just want to say thanks for

bringing info to the board about the closings, etc.

Reply by DianeCipa on 7/31/08 3:27pm
Msg #257994

You're welcome, Brenda. n/m

Reply by LynnNC on 7/31/08 11:13am
Msg #257952

Title companies are paid from the HUD...

...so, what did they do with the money instead of paying NSA's and covering other costs?

Reply by Les_CO on 7/31/08 2:48pm
Msg #257982

Re: Title companies are paid from the HUD...

Title Companies pay themselves and other from the HUD. Supposedly from a sacrosanct regulated “Escrow Account.” If someone just takes the money and runs, or they misuse these funds belonging to others, all kinds of bad things are supposed happen to them and those responsible. Fines/ closure/censorship/felonies/jail. Sometimes those most responsible just get another million dollar bonus and a taxpayer bailout?

Reply by Nancy M. Misenar on 8/1/08 6:14pm
Msg #258227

Re: Lenders First Choice "all of them closed? n/m